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Qualifications for appointment as auditor.
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87.—(1) A person shall not be qualified for appointment as auditor of a building society unless he is a member of a body of accountants membership of which is recognised by the Minister for Industry and Commerce under the Companies Acts as qualifying a person to be an auditor of a company, or is otherwise for the time being authorised by the said Minister under the said Acts to be appointed auditor of a company.
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(2) None of the following persons shall be qualified for appointment as an auditor of a society—
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(a) an officer or employee of the society,
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(b) a person who is a partner of, or in the employment of, or who employs, an officer or employee of the society,
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(c) a body corporate,
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(d) a person who has been an officer or employee of the society within a period in respect of which accounts would fall to be audited by him if he were appointed auditor of the society,
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(e) a parent, spouse, brother, sister or child of an officer of the society, or
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(f) a person who is disqualified under the Companies Acts for appointment as an auditor of a subsidiary or other associated body of the society.
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(3) A person shall not act as auditor of a society at a time when he is disqualified under this Act or under the Companies Acts for appointment to that office and, if an auditor of a society becomes so disqualified during his term of office as such auditor, he shall thereupon vacate his office and give notice in writing to the society concerned and to the Central Bank that he has vacated his office by reason of such disqualification.
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